A high level group of secretaries on disinvestment have approved India’s biggest disinvestment drive since last 20 years.
According to reports, Bharat Petroleum Corp Ltd (BPCL), Shipping Corp of India (SCI), THDC India and NEEPCO will be now privatized.
The Central Government is all to sell its entire stake from these public sector companies.
Besides, the government will also sell its 30 per cent stake from Container Corp of India (Concor).
The government holds 53.29 per cent stake in BPCL, 54.8 per cent in Concor and 63.75 per cent in Shipping Corporation of India.
THDC is a 75:25 joint venture between the Centre and the Uttar Pradesh government.
However, the entire equity of North Eastern Electric Power Corporation Ltd (NEEPCO) belongs to the government.
For the disinvestment of Bharat Petroleum, the government will need approval from Lok Sabha as well as Rajya Sabha, since this PSU was formed under an act passed by Parliament.
For the disinvestment of Shipping Corp of India, THDC India (which maintains Tehri Hydro Power Complex and other Hydro Projects), NEEPO (North Eastern Eletric Power Corporation Limited) and Concor, there is no need for approval from Parliament.
This is the biggest privatization of state-owned public sector companies proposed to be undertaken by an Indian government since the Atal Bihari Vajpayee dispensation in early 2000.